Japan ties open new doors for fund managers
Australian funds managers will gain cross-border access, and the financial services sector will benefit from the Japan Australia Economic Partnership Agreement (JAEPA), the Financial Services Council said (FSC).
Following the announcement of details of the JAEPA, FSC CEO John Brogden said Australia and Japan will "mutually benefit" from increased trade in financial services.
"Japan and Australia have large and mature financial services markets," he said.
"Japan has an ageing population and one of the world's largest financial services markets. It is a significant trading nation for Australia."
Fund managers who provide investment advice, portfolio management services and trade in wholesale securities transactions can get cross-border access.
He added Australian fund managers can now deliver financial products and open doors to business in emerging financial services sectors in Japan.
"Initiatives like the Japan Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and an export-oriented and globally competitive Australian financial services industry," he said.
The free trade agreement was locked in by Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe in April after seven years of negotiations.
Brogden said this agreement and the Murray Review would help with Australian financial services exports to Asia and promote a globally competitive Australian financial services industry.
AUTHOR
Malavika Santhebennur
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
